Friday Poll: How Have You Invested in Yourself?

    • 1373 posts
    July 12, 2019 9:55 AM PDT

    Happy Friday, everyone!

    In a recent Radio Ink article, Invest in Yourself, Bob McCurdy notes that, "We expect our clients to . . . not view advertising as an expense but as an investment in their business to ensure their continued prosperity. When pursuing our own careers shouldn’t we do the same by viewing certain unreimbursed professional expenditures not as an expense but as an investment? An investment that delivers returns that far surpass any mutual fund or stock over a similar period of time."

    Bob recalls several investments he made in his career - from ordering personalized pens to paying for tutoring from a statistics professor - and concludes "Don’t let unreimbursed expenses get in your way of maximizing your professional and economic success. Those unreimbursed expenses often turn out to be the best gifts you could ever give yourself." (You can read the entire article here.)

    So for this week's poll question, we'd like to know:

    What investments have you made to become better at what you do? How have these investments paid off?

    Looking forward to reading your replies!

     

    • 112 posts
    July 12, 2019 2:02 PM PDT

    Wow! No Replies? I think I have done almost everything. From buying my own laptop to reading just about every sales book out there. Conferences, sales tools, you name it, I've been there. Have also been known to purchase my own promo materials and invest in my own blog/website and my own promotional sales vehicle. If you can't promote yourself and give yourself the best tools, how can you expect others to invest in you? And remember, they buy YOU first, not the stations, not the format, YOU! 


    This post was edited by Lynn Lambrecht at July 12, 2019 2:02 PM PDT
    • 993 posts
    July 12, 2019 3:06 PM PDT

    This is a good topic for consideration and discussion. The narrow financial relationship between a commissioned salesperson and his station-employer is one of direct proportion: 15%:85%, 20%:80% (or whatever the commission structure happens to be).  In other words, for every dollar a salesperson brings into the company, he receives 15, 20 cents, or whatever. This might be construed as a basis for a cost-benefit analysis where investments in equipment or other resources are concerned.

    But, as is often the case, if the station is providing additional benefits—ranging from health insurance to a gas trade—these must be taken into consideration, as well. Ideally, at some level, each party has the other's interests at heart and not only their own, for the sake of a long and mutually beneficial relationship.

    In my own case, when I have needed a tool or resource, especially if it's one that other salespeople don't necessarily want or need, and I can afford the purchase, I'll go ahead and make the investment as a business expense. I've purchased many books, newsletters, and other educational or training resources, subscriptions to professional services, recording equipment, computers, tablets, etc., whenever I've felt it beneficial.

    But our station also provides various resources for members of the sales department, including digital recorders, cell phones and service, and (for some) computers for use in the office. 

     

     


    This post was edited by Rod Schwartz at July 12, 2019 3:08 PM PDT
    • 121 posts
    July 12, 2019 3:18 PM PDT

    I agree with Lynn Lambrecht .  You have to invest in yourself.

    My most recent was investing in ENS Media's Sound ADvice Newsletter service.  Years ago I met Wayne Ens and agreed with most of what he said and did and followed him and his newsletter for broadcasters.   Last year, Wayne retired and the company is now run by his partners Rick and Belinda Fink.  

    Their Sound ADvice newsletter had been offered as a marketing vehicle to stations and I approached them with an offer to buy an individual membership.

    It has paid for itself already, you can get my insight here: https://www.scotthoward.me/focus-on-your-future/ 

    I have always invested in my own laptop, and other tech.  I have bought books and training materials from: 

    https://harveymackay.com/  

     

    https://www.gitomer.com/

     

    http://businessbyphone.com/

     

    https://www.jillkonrath.com/

     

    Roy H Williams: https://www.mondaymorningmemo.com/ ;  and his books: http://www.wizardacademypress.com/wizard-of-ads-trilogy-softcover/

     

    In 2005 I started writing an blogging at least once a week and never stopped.  I set up my own website that has over 1400 of my articles published and a couple years ago started a podcast based on the weekly articles.

    You can find all of them here: https://www.scotthoward.me/ ; You can also find me active on social media.

    Yes, I designed my own websites and paid for all this out of my pocket.

    No one told me to do it.

    It wasn't a job requirement, it was my passion and has led to being sought after.   

    I still get my paycheck from my radio station and my co-workers are jealous but none of them have put in the work that I have and will continue to do.

    In 2013, I was hired to be the 5th person on a 5 person sales team.  That 5th seat had been a revolving door.  There was not active account list that took over, it was built from scratch.  This year I just became the top sales person, and 90% of our business is local direct (not agency).

    None of this is to brag.

    It's just to show you that your success is in your own hands.  All it takes is to start and don't stop.

    • 37 posts
    July 12, 2019 4:29 PM PDT

    Learners are earners!  It's a kaizen thing!

    Knowledge is power, so what unique and compelling knowledge will help us help our clients further increase sales?  In addition to the traditional radio/sales/personal development courses so vital to progress, the following have helped tremendously in helping my stations (sold), training employees, increasing my own sales - and most foundational: increasing clients' sales.

    1. Price Elasticity conference put on by one of Canada's biggest economic think tanks ($1500).  By creating high value/high demand for what we do, we create inelastic pricing, which enables us to charge for our services. Same for our clients - teach them to do the same.

    2. As Gordon Borrell's SMB surveys consistently show that advertisers prize marketing strategy far above our typical, tactical, media presentations (of three spec spots and a schedule, a promotion for "added value", and a smattering of digital delights often replicated by a dozen providers within a stone's throw of their businesses) - give them what they want.

    That's what almost no one in our industry provides: over-arching marketing strategies capable of delivering 52 weeks of quantifiable sales results directly attributable to any media company of choice.  

    I spent a week in Dallas at a $50,000/week training how to develop client-specific marketing systems, strategies, tactics and sales tools that do so.  That's part of why I'm able to say 7/8/9 Figure Sales & Marketing Results. Measured To The Penny.